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Consolidated Condensed Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest Income        
Loans $ 27,660 $ 25,318 $ 54,186 $ 47,288
Investment securities:        
Taxable 1,189 943 2,238 1,921
Non-taxable 850 809 1,652 1,586
Interest-bearing deposits 373 201 670 346
FHLB stock dividends 227 187 458 353
Total interest income 30,299 27,458 59,204 51,494
Interest Expense        
Deposits 3,144 2,170 5,755 3,966
FHLB advances and other 282 414 601 780
Subordinated debentures 320 229 600 443
Notes payable 6 13 14 28
Total interest expense 3,752 2,826 6,970 5,217
Net interest income 26,547 24,632 52,234 46,277
Provision for loan losses 423 2,118 (672) 2,172
Net interest income after provision for loan losses 26,124 22,514 52,906 44,105
Non-interest Income        
Service fees and other charges 3,296 3,161 6,427 5,920
Insurance commissions 3,493 3,294 7,770 6,752
Mortgage banking income 2,013 1,830 3,755 3,568
Gain on sale of non-mortgage loans 43 90 267 90
Gain on sale or call of securities 0 267 0 267
Trust income 522 464 1,074 914
Income from Bank Owned Life Insurance 566 422 966 2,245
Other non-interest income 281 612 658 933
Total non-interest income 10,214 10,140 20,917 20,689
Non-interest Expense        
Compensation and benefits 12,885 11,473 26,134 25,808
Occupancy 2,026 1,954 4,097 3,791
FDIC insurance premium 202 353 562 643
Financial institutions tax 531 535 1,062 1,014
Data processing 2,083 2,019 4,188 3,958
Amortization of intangibles 332 334 679 567
Other non-interest expense 4,606 3,962 9,194 7,991
Total non-interest expense 22,665 20,630 45,916 43,772
Income before income taxes 13,673 12,024 27,907 21,022
Federal income taxes 2,564 3,677 5,061 7,534
Net Income $ 11,109 $ 8,347 $ 22,846 $ 13,488
Earnings per common share        
Basic [1] $ 0.54 $ 0.41 $ 1.12 $ 0.69
Diluted [1] 0.54 0.41 1.12 0.68
Dividends declared per share [1] $ 0.15 $ 0.125 $ 0.30 $ 0.25
Average common shares outstanding        
Basic [1],[2] 20,388 20,294 20,359 19,586
Diluted [1] 20,492 20,408 20,466 19,696
[1] Share and per share data has been adjusted to reflect a 2-for-1 stock split on July 12, 2018.
[2] Share and per share data has been adjusted for a 2-for-1 stock split on July 12, 2018.